Solar Carport Market Size (2024 – 2030)

The Global Solar Carport Market was valued at USD 93.32 Million in 2023 and is projected to reach a market size of USD 183.02 Million by the end of 2030. Over the forecast period of 2024-2030, the market is projected to grow at a CAGR of 10.10%.   

The market for solar parking lots is a growing industry with a lot of promise. It provides a special remedy by fusing the growing need for clean, sustainable energy with the requirement for vehicle protection. Using solar carports to protect automobiles from the elements is both a sensible and beautiful way to use solar energy. These creative constructions have a solar-paneled roof or canopy that produces clean, renewable energy. By producing clean electricity that may be used to power buildings, electric vehicle (EV) charging stations, or even put back into the grid, solar carports help to create a cleaner future. Businesses and property owners can drastically lower their energy expenditures by using the electricity produced by solar carports. In the long run, this results in cost savings.

Key Market Insights:

By 2025, it is anticipated that US consumer spending on solar energy installations—including carports—will exceed USD 20 billion yearly.

The value of a property may rise by three to five percent with the installation of a solar carport system.

According to studies, solar carports can provide enough clean energy to make up to 50% of the electricity used by a structure.

The majority of solar carports—between 50 and 55 percent—are situated in business environments including parking lots, malls, and office buildings.

The remaining 45–50% of solar carports are used for residential purposes, providing residents with shade and renewable energy production.

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A solar carport system can cost anywhere from USD 3,000 and $10,000 on average, depending on its size, capacity, and extra features.

For both individuals and businesses, government subsidies and tax advantages for solar installations can drastically lower the initial cost of a solar carport system.

A solar carport system's payback period, or the amount of time it takes for energy savings to equal the initial expenditure, can range from five to ten years.

In addition to producing sustainable energy, solar carports provide valuable shade and weather protection for parked cars.

According to studies, solar carports can improve passenger comfort by as much as thirty degrees Celsius when it comes to the interior temperature of parked cars.

Solar Carport Market Drivers:

The threat of climate change has become a pressing global concern. Consumers and businesses are increasingly aware of the environmental impact of traditional energy sources.

With the help of solar carports, clean, renewable electricity may be produced. This contributes to a more sustainable future by reducing greenhouse gas emissions and offsetting reliance on fossil fuels. The growing popularity of electric cars (EVs) offers solar carports a big chance. They can produce clean electricity to power EVs while also shading parked vehicles. In doing so, an ecology that is self-sustaining for electric vehicles is created. Commercial and residential complexes can greatly enhance their overall sustainability profile by integrating solar carports. This can help buildings become certified as green buildings and draw either renters or consumers who care about the environment.

Land availability, particularly in urban areas, is often limited. Solar carports offer a unique solution by utilizing existing parking spaces for solar power generation.

The temperature inside parked cars can be considerably lowered by the shade the solar panels produce. This means that less energy will be used for air conditioning, especially in warm climates. Solar carports can lessen the strain on the electrical grid during times of high demand by producing dispersed solar power. This may result in reduced electricity prices as well as increased grid stability. For intelligent energy management, advanced solar carports can be connected to building management systems. This promotes self-sufficiency and energy efficiency by enabling the building to be powered by the energy produced by the carport. For companies and parking lot owners, solar carports offer the advantages of both increased energy efficiency and optimized land usage.

Solar Carport Market Restraints and Challenges:

Even if the cost of solar panels has decreased recently, the solar array's total cost is still a significant investment. The carport framework's size, style, and material choices can have a big effect on the final cost. The overall cost of the project is increased by the labor and knowledge needed to install the supporting structure and solar panels. The process may get more complicated if local building codes for electrical safety, structural stability, and possible snow load requirements are followed. To maximize the amount of sunlight captured, the solar panels on the carport roof must be oriented at a right angle. Not every parking lot design provides the best orientation for solar panels.

Solar Carport Market Opportunities:

Solar carports can be seamlessly integrated with EV charging stations, creating self-sustaining power generation and charging ecosystems. This eliminates dependence on the traditional grid for EV charging, promoting clean transportation and energy independence. The "range anxiety" associated with EVs, a concern about running out of battery power before reaching a charging station, can be alleviated by solar carports. By generating on-site clean energy, solar carports can provide readily available charging options, boosting consumer confidence in EVs. Businesses and organizations offering EV charging with solar carports can leverage this as a powerful marketing tool. It demonstrates their commitment to sustainability and environmentally friendly practices, attracting eco-conscious customers and tenants.

SOLAR CARPORT MARKET REPORT COVERAGE:

Solar Carport Market Segmentation: By Type

• Cantilever

•  Solar Carports

• T-Shaped Solar Carports

• Semi-Cantilever Solar Carports

• Others

T-Shaped Carports: Currently holding the dominant share of the market at around 41.83% (based on 2023 estimates), T-shaped carports offer a simple and cost-effective design. They feature a single row of solar panels supported by a T-shaped structure that resembles an upside-down "T." This design provides ample shade for parked vehicles and utilizes space efficiently. The simple design allows for efficient use of materials, making them a cost-competitive option compared to other types of solar carports. This is crucial for budget-conscious businesses and homeowners considering solar power generation.

While T-shaped carports reign supreme, the fastest-growing segment within the solar carport market is single-row carports. In urban areas with limited space, single-row carports offer a space-saving solution. They require less space compared to double-row carports while still providing shade and generating solar power. Single-row carports offer a balance between cost and functionality. They may be slightly more expensive than T-shaped carports due to the extended length of the supporting structure, but they are significantly less expensive than double-row carports.

Solar Carport Market Segmentation: By Capacity

• Less Than 500 kW

• 500 kW to 1 MW

• Above 1 MW

By installed capacity, the market is currently led by the segment above 1 MW. For bigger facilities, economies of scale are advantageous. The long-term economics of these systems are increased by the fact that larger solar panel arrays frequently have lower costs per unit of power generated. The installation of high-capacity carports is frequently done in expansive, open spaces like utility fields or industrial roofs. These places are sometimes difficult to locate for smaller-scale projects. High energy needs can be seen in large commercial and industrial structures. High-capacity solar carports may supply a hefty portion of their electricity demands, which can reduce costs and produce a more sustainable energy profile. 

The less than 500 kW segment is projected to be the fastest-growing segment in the solar carport market. Homeowners are becoming more interested in solar energy solutions, and solar carports offer the dual benefit of generating clean electricity and providing shade for parked vehicles. Improvements in solar panel efficiency and the development of more compact and powerful solar modules are making smaller-scale systems more viable for residential applications.

Solar Carport Market Segmentation: Regional Analysis

• North America

• Europe

• Asia-Pacific

• South America

• The Middle East & Africa

There are several reasons for North America's market dominance in the solar carport industry. Businesses and families find solar carports more financially appealing because of the tax incentives, subsidies, and net metering programs offered by some North American countries. In North America, the importance of environmental stewardship and business sustainability is rising. With solar carports, companies can demonstrate their support for renewable energy. The adoption of solar carports is aided by the highly established solar sector in North America, which includes skilled manufacturers and installers. Large-scale solar carport systems may be installed in locations with plenty of space due to the existence of expansive parking lots at businesses, shopping centers, and educational institutions. 

The solar carport industry is expanding at the quickest rate in the Asia-Pacific area. Global demand for solar carports will increase with advancements in storage options, solar panel efficiency, and smart grid integration. Solar carports are now a more attractive choice due to the reduction in the cost of solar panels caused by manufacturing developments in the APAC area. Innovative solutions that optimize land use and provide clean energy, such as solar carports, are in high demand due to the increasing expansion of metropolitan areas in Asia-Pacific. The use of solar energy is being encouraged by the implementation of policies and programs by several APAC countries, some of which are focused on solar carports.

COVID-19 Impact Analysis on the Solar Carport Market:

The global supply of raw materials and components required for the production of solar panels and carport systems was hampered by lockdowns and travel restrictions. Due to project delays and shortages, the market's momentum was hampered. Businesses and organizations have to postpone or cancel planned solar carport installations due to social distancing measures and economic uncertainties. The total level of market activity decreased as a result. The availability of qualified labor for installation projects was restricted by social distancing regulations and worker safety concerns. This further impeded project completion and restrained market expansion. Both household and corporate budgets were impacted by the pandemic's economic collapse. As a result, interest in investing in solar carports decreased, especially for smaller-scale projects.

Latest Trends/ Developments:

The market for solar carports is mostly driven by the ongoing advancements in solar panel technology. Bifacial solar panels, which collect sunlight from both sides and perovskite solar cells, which have the potential for even greater efficiency, are being produced as a result of material and design advancements. Because of these developments, solar carports can produce more electricity, which increases their appeal as an investment. The traditional use of solar carports to shade parked cars is becoming less common. Rainwater harvesting systems, solar-powered LED lighting solutions, and even green roofs—which offer further environmental advantages—are being included in creative designs. These multipurpose characteristics improve the solar carports' overall value proposition and increase their appeal to a broader spectrum of consumers. Solar carport aesthetics are no longer an afterthought. More visually appealing designs with choices for various colors, materials, and panel layouts are being offered by manufacturers. This makes it possible to integrate new architectural elements more successfully and produces aesthetically pleasing additions to a variety of landscapes.

Key Players:

1. Envision Solar

2. SunPower Corporation

3. Solar Wing

4. Quest Renewables

5. Schletter Group

6. Solaire Generation

7. Phoenix Solar AG

8. Hanwha Q Cells

9. Maja Solar

10. Valmont Solar

11. Amerisolar

12. US Solar Carports

13. Roof Tech Solar

14. Canadian Solar

15. Trina Solar